All Trades Restoration Services

Dealing with your mortgage company

Why is my check made out to my mortgage company and me?

Chances are if you still have a mortgage balance on your home, no matter if the claim exceeds the pay off amount, your check will be made out to you, your spouse (if he or she is on the note), and your mortgage company. This is called an additional payee. Your insurance company adds your mortgage company on the check because they have a vested interest in the home. This protects the interest of the lender and ensures that the contracted amount of repairs is done in orderly fashion. The last place the mortgage company wants to find themselves is carrying a note on a home that now how less value due to storm damage than their loan balance.

How do the mortgage companies know if repairs have been made?

Most, but not all have field representatives that will come out and check the repairs and report back to their employers, validating the completion of the work. We can advise you on how to handle your mortgage company but can not contact them directly like we can the adjuster. This is sometimes a frustrating process, as it is common for claims to distribute in multiple draws or payments. This makes the process even more tedious, as you have to continue to jump through the hoops in order to get your job closed out.

How can ATRS help in this process?

We can advise you, based on industry standards, the probable approach that the mortgage companies will likely take or require. They are all just a little bit different, but essentially are after the same thing; protection. Knowing the process and who the players are while processing a claim is at the upmost importance to the overall efficiency of your job. We can help you through this frustrating and time-consuming process.

All Trades Restoration Services pride ourselves on being On Site… On Point… and On Your Side!